The hedge fund industry's future looks an awful lot like its past, according to a new list of the emerging players in the field.

Ernst & Young and the Hedge Fund Journal yesterday unveiled their second annual "Tomorrow's Titans" list, which seeks to identify 40 emerging managers who are making an increasing contribution to the industry's development and success. And the list is fairly littered with high-profile names from former or established hedge funds who have struck out on their own.

For example, both Mark Carhart and Raymond Iwanowski, who formerly led the so-called "Cadillac of hedge funds," Goldman Sachs' Global Alpha fund, are on the list for their Kepos Capital and SECOR Asset Management, both based in New York. Former FrontPoint Partners star trader Stephen Czech makes the list, as does Tiger Management veteran Chase Coleman. Tony Chedraoui, who made his name as a hedge fund manager at Deephaven Capital Management, is on the list, as are Guillaume Rambourg, John Ho, Carl Huttenlocker and Jens-Peter Stein, who made theirs at Gartmore Group, The Children's Investment Fund, Highbridge Capital Management and Moore Capital Management, respectively.

Also populating the list in large numbers are former bank traders, many of whom were driven out by new U.S. regulations barring banks from proprietary trading. Among them are former Deutsche Bank stars Kay Haigh, Greg Lippmann Boaz Weinstein, former Goldman Sachs traders Daniele Benatoff, Neil Chriss and Morgan Sze, former Morgan Stanley trader Peter Muller and former Credit Suisse trader George Taylor.

"Tomorrow's Titans is by no means a complete guide but it does spotlight a generation of managers that will be prominent in leading the hedge fund industry over the coming years," HFJ editor Bill McIntosh said.

From the current issue of

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